Idaho Foreclosure Activity Increases in First Quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 6,117 Idaho properties during the first quarter of 2011, up 8 percent from the fourth quarter of 2010 but almost 4 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Foreclosure filings were reported on 1,997 Idaho properties in March, an 8 percent decrease from February and down 19 percent from March 2010. One in every 324 Idaho housing units received a foreclosure filing in March, the seventh highest state foreclosure rate in the nation for the month.

 

Idaho ranked 25th in the nation in total foreclosures for the first quarter of 2011. Its foreclosure rate of one in 106 housing units receiving a foreclosure filing during the quarter, ranked it fifth among the 50 states.

 

Teton County takes top foreclosure rate honors in the first quarter

One in every 39 housing units in Teton County received a foreclosure filing during the first quarter of 2011 — 4.9 times the national average and 2.7 times the state average — the highest foreclosure rate in the state for the first quarter. Canyon County reported the second highest foreclosure rate with one in every 56 housing units receiving a foreclosure filing — 3.4 times the national average and 1.9 times the state average. One in every 74 housing units in Ada County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 2.6 times the national average and 1.4 times the state average.

 

Ada County led the state in foreclosure activity for first quarter

Ada County led all counties in total foreclosure activity, reporting 2,122 properties with foreclosure filings during the quarter. Canyon County was second highest, reporting 1,222 properties with foreclosure filings. Third highest total was tallied in Kootenai County, where 604 properties with foreclosure filings were reported. Reporting 235 properties with foreclosure filings for the quarter, Bonneville County registered the fourth highest total in the state. Fifth highest was Bannock County, where 186 properties with foreclosure filings were reported for the quarter.

 

State a minor contributor to nation’s foreclosure total in the first quarter

Idaho accounted for 1 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Idaho Top Foreclosure Rates By County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Idaho

1,588

0

2,800

0

1,729

6,117

106

1.80

n/a

 

 

 

 

 

 

 

 

 

 

Teton

23

0

61

0

44

128

39

4.85

2.69

Canyon

281

0

553

0

388

1,222

56

3.40

1.88

Ada

567

0

973

0

582

2,122

74

2.58

1.43

Blaine

62

0

79

0

44

185

79

2.42

1.34

Lincoln

0

0

13

0

9

22

83

2.30

1.27

 

 

Idaho Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Idaho

1,588

0

2,800

0

1,729

6,117

106

8.38

-3.53

 

 

 

 

 

 

 

 

 

 

Ada

567

0

973

0

582

2,122

74

7.88

-7.94

Canyon

281

0

553

0

388

1,222

56

-5.42

-16.36

Kootenai

227

0

231

0

146

604

101

7.47

7.28

Bonneville

32

0

137

0

66

235

164

-2.08

-2.49

Bannock

61

0

70

0

55

186

173

22.37

0.00

 

 

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